It seems like there is a “National Day” for just about every topic you can imagine. National Proposal Day is coming up on Sunday, March 20th. If you have been thinking about getting engaged, it’s time to start thinking about a ring. And you know what that means – Diamonds! There is just one problem in 2022. Diamond prices have skyrocketed and the U.S. and international sanctions against Russia make these precious stones just that much more difficult to obtain at a time when basic prices of all consumer goods are surging.

Diamonds are a major collectible and Collectors Dashboard reported on the influence of inflation to the price for various cuts of diamonds in February. We have provided a March update to those price changes and some updated offerings. A Heritage Auctions event includes diamond rings of interest to any collector of diamonds. Heritage Auctions Antique Heirloom Jewels Auction closes on March 22, 2022 and we have included some of the most popular diamond rings available in it.

Collectors Dashboard evaluates collectibles as an alternative asset class. This means collectibles are attracting the same capital that could have been invested into stocks or bonds. If diamonds, jewelry, watches and so on easily reach $10,000 or $20,000, the capital used for buying these could have easily been invested into traditional assets.

We wanted to look at data from Rapaport as the premiere price source in the industry, and we also looked into outside sources for production including an industry Diamond Prices Index, demand and rough price data that is available at the market as of this moment.

The RapNet Diamond Index (RAPI) for 1-carat diamonds rose 5.6% in February and was up 12.9% year-to-date. The RAPI for 3 ct. diamonds were up even more at +5.7% in February and 13.2% year-to-date. On a year-over-year basis, the indexes were up 32.3% for the 1 ct. weight and up 34.6% for the 3 ct.

There are many pressures weighing on sentiment — higher U.S. inflation, rate hikes by the Federal Reserve, Russia’s intensifying invasion of Ukraine, and US sanctions affecting Alrosa. Chinese buyers were referenced as being more prudent during this latest lunar new year. There are some concerns that sanctions will disrupt the mining supply and create rough shortages from the world’s largest volume diamond producer.

Updated Tuesday, March 1, 2022 by the Diamond Prices Index from the Diamond Search Engine (Diamondse.info), diamond prices moved higher by an average of 7.6% in February 2022.  The average price per carat of all diamonds in their database (image below by Diamondse.info) was $13,101.96, up from $12,178.44 a month ago. Average price per carat broken down by carat weight ranges:

• Less than 0.50 ct. $2,384
• 0.51 to 0.99 ct. $3,972
• 1.00 to 1.49 ct. $7,000
• 1.50 to 1.99 ct. $9,748
• 2.00 to 2.99 ct. $13,184
• 3.00 to 3.99 ct. $17,981
• 4.00 to 4.99 ct. $21,423
• 5.00 ct. or more $29,124

Image below provided by Heritage Auctions.

Heritage Auctions has diamond rings of various types and cuts within its Antique Heirloom Jewels Auction that closes on March 22. Any of these diamonds could be repurposed for a proposal arrangement. Here are diamonds available in the auction:

• Art Deco Diamond, Platinum Ring — Stones: European-cut diamond weighing approximately 1.60 carats; single-cut diamonds weighing a total of approximately 0.40 carat with an estimate of $2,000.00+ and a current bid of $4,600.00.
• Edwardian Diamond, Platinum Ring — Stones: Circular brilliant-cut diamond weighing 1.50 carats; single-cut diamonds weighing a total of approximately 0.25 carat with an estimate of $3,000.00+ and a current bid of $4,500.00.
• Edwardian Diamond, Platinum Ring — Stones: European-cut diamond weighing approximately 1.55 carats with an estimate of $2,000+ and a current bid of $3,100.00.
• Antique Diamond, Platinum, Rose Gold Ring — Stones: European-cut diamond weighing approximately 1.00 carat with an estimate of $2,000+ and a current bid of $1,050.00.
• Victorian Diamond, Gold Ring, Russian — Stones: Mine-cut diamonds weighing a total of approximately 2.00 carats; rose-cut diamonds with an estimate of $3,000.00+ and an opening bid of $1,500.00.

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